Capital Markets Tribunal develops visual hearing system

DAR ES SALAAM: THE Capital Markets Tribunal (CMT) is finalising an ambitious project to develop a Visual Hearing System, aimed at enhancing access to justice for investors, including those in the diaspora.

The CMT Registrar, Mr Martin Kolikoli said in Dar es Salaam on Wednesday that this innovative system, being developed by local experts and the e-Government Agency (eGA), is expected to be fully functional by December.

“The Visual Hearing System is a digital case management platform that will enable investors to access justice remotely, streamlining the process and increasing efficiency,” he said.

Once fully integrated with the High Court system, this platform will mark a significant milestone in Tanzania’s judicial history.

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The adoption of digital solutions underscores the importance of technology in modernising Tanzania’s judicial system. The system will expedite case resolution, fostering confidence in the capital market and investors, including those in the diaspora, will be able to seek justice from anywhere, reducing barriers to access.

The Tribunal, which was established to facilitate a favourable investment environment, has made significant strides since its inception in September 2023. Mr Kolikoli noted that the tribunal has been empowered to operate like a high court, enabling it to adjudicate cases efficiently and boost investor confidence in the capital market sector.

Speaking at a press conference on Thursday in Dar es Salaam as part of marking the tribunal’s 2nd anniversary, he said the Tribunal has successfully handled various cases, providing a platform for dispute resolution in the capital market.

Over 850 stakeholders have directly benefited from educational seminars, while more than 500,000 individuals have been reached through social media platforms. The Tribunal has also engaged in fruitful collaborations with counterparts in Kenya and Zambia, gaining valuable insights and expertise to enhance its operations.

These partnerships have been instrumental in shaping the Tribunal’s approach to case management and dispute resolution. The Capital Markets Tribunal continues to strengthen its operations through regional collaborations and knowledge sharing, with ongoing discussions with Kenya, Zambia and Ethiopia.